When do I need to submit the audited financial statements in Indonesia?
The audited financial statements must be submitted within 6 months from the end of the financial year.
How long does an audit usually take in Indonesia?
Depending on volume and complexity of transactions, an audit can take a few weeks or up to months.
How often do companies need to be audited?
Every company must have its financial statements and accounting records audited at least once a year. Only companies which fulfil the criteria for audit exemptions do not have to be audited.
What are the accounting standards used in Indonesia?
The accounting standard in Indonesia is the Indonesian Financial Accounting Standards (Standar Akuntansi Keuangan – SAK).
Is Indonesia using IFRS?
Indonesia has not adopted the IFRS standards for reporting by domestic companies.
How often do I need to do my accounting?
Depending on your volume of activity, some companies do daily, weekly, monthly or even yearly accounting. As long come the company’s financial year end, there is reasonable accuracy achieved in compiling accounts [...]
Is a professional accountant necessary for businesses?
It is highly encouraged for every business to have a professional accountant to comply with the annual compliance and avoid penalties.
What are the penalties for missing the Annual Financial Statements filing deadline in Indonesia?
Companies who failed to file their Annual Financial Statements via Ministry of Trade’s portal might experience the following consequences: Written warning Revocation of company business and/or operational permit or commercial permit Recommendation [...]
What are the criteria to be a tax resident company in Indonesia?
The primary criterion for a company to be considered a tax resident of Indonesia is having a permanent establishment or primary place of management in Indonesia. Resident companies of Indonesia are taxed [...]
Is Indonesia a tax haven?
As of now, Indonesia is not considered a tax haven’t country as taxes are not as low as other countries and there are obligations for all to pay taxes in the country. [...]